On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
According to eToro’s Q2 report, crypto drove the 125% surge in trading volumes in Q2, with crypto representing 73% of total trading commissions.
Crypto grew to represent 73% of trading commissions on popular retail trading app eToro in the second quarter.
eToro announced its Q2 results on Aug. 25, with the firm posting $362 million worth of total trading commissions and reporting its assets under administration had reached $9.4 billion.
In an investor update released on the same day, the firm outlined that crypto-assets accounted for 73%, or $264.26 million of commissions, which marked a massive 2259% increase compared to the $11.2 million reported in Q2 2020.
Overall trading volumes are up 125% on Q2 2020, with Yoni Assia, the CEO and co-founder of eToro noting in the announcement that the growth was “underpinned by long-term secular trends in investor behavior” and enabled by providing “simple access” to crypto via a user-friendly mobile interface along with financial education. The announcement read:
“Cryptoassets drove total commissions in the second quarter of 2021 reflecting strong interest from retail investors in crypto markets. Interest was diversified across the cryptos offered by eToro with the highest trading volumes in BTC, XRP, ETH, ADA and DOGE.”
The platform’s trading activity has evolved drastically over the past twelve months. In Q2 2020 data shows crypto represented just 7% of commissions, while commodities and equities dominated with 45% and 41% respectively. By Q2 this year, commodities only accounted for only 7% and equities represented 18%.
Related: 62% of Robinhood’s Q2 crypto revenue was from Dogecoin trading
eToro also posted large increases in other areas in Q2, as net trading income totaled $291 million which marked a growth of 136% compared to last year. The user base also saw a significant boost, with 2.6 million new registered users, up 121% compared to Q2 2020.
The platform is set to go public on the Nasdaq exchange via a $10 billion special purpose acquisition deal (SPAC) slated to close this quarter.
Despite posting impressive growth, the firm reported negative net income of $89 million, which was attributed to a “non-cash charge of $71 million in stock-based compensation” to employees and $36 million in transaction costs related to the SPAC merge with FinTech Acquisition Corp. V
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